Resistance: 10.10 minor / 100.30 moderate / 100.65 moderate
Support: 99.74 minor / 99.29 minor / 99.01 minor
USDJPY gapped higher at the open after seeing a sharp sell-off Friday which saw the pair testing the daily EMA lines with its lows. At the moment we have prices at the upper range of Fridays large bearish real body while price action is suggesting we cover the gap. Indicators has new golden crosses from the EMA lines while stochastic is off overbought areas and macd is rising. Intraday we have mixed signals as candlesticks show a bearish engulfing in the making for both hourly and 4h charts even as indicators show the 4H picture mixed with stochastic heading up and macd’s bottoming out. Hourly charts has stochastic in overbought levels with macd’s looking to push back above zero. At the moment we prefer remaining sidelined given that price action is suggest we cover gap against the bullish indicators, a close below 99.74 however may be seen as argument to short for 99.10 Friday’s close.
Resistance: 156.42 minor / 156.76 moderate / 156.96 minor
Support: 155.90 minor / 155.50 minor / 1555.02 moderate
GBPJPY opened the week with a bullish gap quickly seeing apush through Fridays highs in thin trading during the Wellington session. Among indicators we have a mixed view as stochastic comes-off overbought areas while macd is pushing up and as we see a wide gap between prices and the daily EMA lines. From the lower time frames we have a bearish engulfing among candlesticks with a big double top in the making in 4h charts. This as we see a mixed view with stochastic pointing up in this time frame and macd dropping. In the hourly level we are also seeing mixed signals with stochastic off overbought areas and macd’s pushing backup. Note we have an ongoing attempt to cover the bullish gap with the push back under R1 155.90 serving as an entry signal. Closing levels from Friday is at 154.83 while today’s projected low is merely 155.98. Consider shorts at market.
Resistance: 131.38 minor / 131.82 moderate / 132.14 minor
Support: 131.02 moderate / 130.51 moderate / 130.27 minor
Friday saw a rejected from our wide range play resistance in EURJPY though the weeks open saw a bullish gap pushing past Friday highs for our range play ceiling. Daily indicators has mixed signals with stochastic heading lower and macd’s up though price action has already started the process of covering the Wellington gap. In the lower time frames we have a mixed set of signals starting off with the 4H stochastic heading up for the overbought threshold while macd is at zero and beneath the signal line. hourly charts are the opposite with stochastic already coming off overbought areas and macd’s pushing up just passing through the zero line. At the moment given our breakout we have a sell at market with an objective of 130.61 Friday’s close and today’s projected lows.
Resistance: 1393.67 moderate / 1399.80 minor / 1404.47 moderate
Support: 1384.35 moderate / 1378.85 minor / 1373.77 moderate
Gold saw a turn-around Friday after triggering a daily head-and-shoulder the day before as markets were disappointed with the weakness exhibited in the NFP results following a sharp downside adjustment for the July figures. Indicators show mixed signals with stochastic seeing a bullish divergence while macd is heading lower, the candlestick themselves has a piercing pattern from the daily level. From the lower times we ae however seeing a confluence of buys as hourly charts show anew bullish cross in stochastic while macd is also above the signal line. In the 4H scale we already have stochastic crawling overbought while macd waits to push above the zero line heading up. For now immediate risk is for further gains look for a push past 1393.67 as our trigger for a rally. Note we have geopolitical tensions in the middle-east providing a lift for alternative haven assets.
Most Popular Slideshows
- Top Ten Richest Americans [PHOTOS]
- Is Orlando Bloom’s Wife, Miranda Kerr Singing Love Songs for James Packer? [WATCH VIDEOS]
- 'Jelena' Romance: Selena Gomez Shares her Most Shocking Date with Justin Bieber Involving $3M- Diamond [PHOTOS/VIDEO]
- Watch Out, Robert Pattinson! Kellan Lutz Reveals He Turned Down The Role Of ‘Twilight’ Lead Edward Cullen [PHOTOS/ VIDEOS]